Frequently Asked Questions
Q. What is foreclosure? Common misspellings include: forecloser, forcloser, forclosure.
A. Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the homeowner, the homeowner must move out of the house, therefore, losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home. There is a legal time frame, which varies from state to state, which determines how long the foreclosure process can take. Click here to review foreclosure laws state-by-state.
Q. Can the bank just come and kick me out of my house?
A. No. Sometimes people are told by collectors "Just leave the keys in the mailbox". You still have time. Only once the sale has occurred is the house no longer yours.
Q. Can you explain some of the steps of the foreclosure process
A. Each state is slightly different, but a basic overview is as follows:
Pre-Foreclosure
· Customer misses mortgage payment.
· Late notice send by bank.
· Customer misses additional payments.
· Bank attempts in writing and by phone to contact customer and resolve situation.
· No arrangements are agreed upon and customer continues to miss payments.
· Bank issues demand for payment under the note in full, based on the acceleration clause. Most mortgage notes contain language which basically says if you fail to pay the bank under the terms of the note with monthly payments as promised they can accelerate the note, meaning that the full amount is due on demand. For example if your mortgage is $100,000 with payments of $1000.00 per month you are only required to pay $1000.00 per month unless you miss these payments and the bank subsequently demands the balance based on this acceleration. Once this happens you legally owe the full balance of $100,000.00 plus back interest, plus late charges, plus legal fees all at once. You will find from this stage on the bank will not accept monthly payments. They will instead demand much more to reinstate the loan. Although I consider this step in the pre foreclosure category, once demand has been made and the note has been accelerated you should already have contacted a foreclosure specialist who is an expert in dealing with these matters.
· No payments or arrangements acceptable to the bank are made.
Formal Legal Foreclosure Process
· Bank sends Notice of Intent to Foreclose.
· Immediately following the notice, bank files action in the court system to foreclose.
· Legal notices (see soldiers and sailors notice below) as required by law are published in local papers.
· No payment or settlement arrangements are made with the lender.
· Notice and waiting periods expire.
· Court issues order allowing bank to foreclose. (Beware, as several of these steps happen so quickly that the process can be very short).
· Legal notice of actual foreclosure sale published in local papers.
· House sold at auction to highest bidder.
Q. What can loss mitigation do for you?
A. The goal of loss mitigation is to work out an agreement between the homeowner and the lender that will stop foreclosure proceedings permanently. This allows the homeowner to stay in their home and protects their credit history.
Q. How do we stop foreclosure?
A. Our company specializes in resolutions of mortgage delinquencies or home foreclosure claims on behalf of you, the homeowner. We perform a detailed financial analysis and work with you to determine your best alternatives. We review your lenders loss mitigation policies and your state’s foreclosure law to make sure that we give you the best service within the context of your situation. By working with you and your lender we can tailor a resolution to meet your specific criteria and financial circumstance. We do all of this quickly and effectively because we have over 30 years experience in the Real Estate and Mortgage industry.
Q. How long do I have to act?
A. Time is of the essence when you are behind on house payments. Time is definitely not your friend in this situation. Each day that passes makes it that much harder to get a work out agreement with your lender that you can live with. The home foreclosure process can take anywhere from a few weeks to many months, depending on your state law and the method of foreclosure your lender chooses to use. We have encountered many homeowners who did not even know that they had already lost their house!
Q. Several companies have contacted me recently offering to help. What's different about your company?
A. There are many predatory companies who are not what they appear to be. Beware of unscrupulous companies who are actually just interested in buying your house at big discount, or attorneys who just want to take you into bankruptcy or companies that collect a consultation fee then do nothing for you. You can check us out through your state attorney general or organizations whose logos are seen on our home page. We are very proud of our track record of success and many satisfied customers. They are strong evidence that we deliver on our promises.
Q. Should I negotiate with the lender myself?
A. Yes. If you are only a payment or two behind and your lender has not hired an attorney to begin foreclosure proceedings you may be able to negotiate a work out agreement yourself. If you are successful then you have saved yourself some funds that can be used to get caught up on your mortgage. Just remember, don’t waste a lot of time on this. Time is not on your side right now. If you don’t have something worked out within 1-2 weeks, then it’s obvious that your lender is not serious about working things out with you directly. When you get to that point you will be better served by professional representation that can use the formal business and legal protocols to your advantage. National Foreclosure Team delivers the critical information and professional representation that you need to get the best possible work out agreement with your lender.
Q. Can National Foreclosure Team help me improve my credit rating?
A. Right now, of course, the best thing you can do to help your credit is to prevent foreclosure.
Q. How long does it take for you to complete the case once we fill out all of the paperwork?
A. Anywhere from 2 days to several months. This depends on the stage of foreclosure you are in and your financial position. Typically it takes several weeks to complete a work out agreement and stop foreclosure proceedings.
Q. Do I have enough time to stop my foreclosure?
A. Up until the foreclosure sale occurs there is still hope. If a sale date for your house has been set you need to act fast. We have stopped sales set for the next day but this is very risky and some lenders will not agree to it. You’re best option is to take action immediately to stop foreclosure before it goes too far.
Q. How much do you charge to stop home foreclosure?
A. Our fees are based on your mortgage payment amount, and the complexity and urgency of your situation. Our professional loss mitigation consultants will evaluate your case and explain the best options to save your home. We are confident that you will feel that our fees are a bargain compared to the cost of the alternatives. We offer a money back guarantee, in some cases, if we cannot get you a work out agreement with your lender(s).
Q. I'm currently in bankruptcy. Can you still help?
A. Yes. But we cannot negotiate a work out agreement with your lender until your mortgage has been discharged or dismissed from the bankruptcy proceedings. Our professional loss mitigation consultants can still evaluate your case and explain the best options to save your home. Then when the mortgage is out of the bankruptcy we can proceed with the home foreclosure help. Sometimes after bankruptcy it is easier to make a mortgage payment because other debts have been discharged.
Q. I've already talked with my lender and they just want all their money. Can you still help me?
A. Yes. Most of our clients have experienced this kind of inflexibility from their lenders before calling us. We get your bank to listen to your needs because they know and trust us. We have more than 30 years experience. That kind of experience gives us credibility with your lender. Over the years we have developed positive working relationships with key people at most banks. Our integrity and professionalism have earned us a reputation that allows us to be heard when no one else can get through the red tape. We will use our experience and connections to your advantage.
Q. Should I file for bankruptcy to save my house?
A. Maybe. The American Bar Association has reported that 96% of homeowners who declare bankruptcy end up loosing their home to foreclosure anyway. Bankruptcy is very unlikely to help you save your home. If you declare bankruptcy you will likely end up with BOTH a bankruptcy and a foreclosure on your credit report. That being said, there certainly are times when bankruptcy is appropriate and we recommend you consult a reputable attorney should you think you need it.
Q. Do I need to have a special type of mortgage loan for National Foreclosure Team to help me?
A. No. We specialize in out-of-court resolutions of government and non-government mortgage delinquencies or home foreclosure claims for homeowners. These can be FHA, VA, Freddie Mac, Fannie Mae, or other conventional or subprime loans which have gone into default.
Q. What if I can no longer afford my home? Can National Foreclosure Team still help me?
A. Yes. If you are certain that you cannot afford your home any longer and wish to sell, National Foreclosure Team can help you to secure a short sale payoff or a deed-in lieu of foreclosure agreement with your lender. Often times these agreements can be arranged at low or no cost to you.
Save for home today and call Mike Minichiello
1-888-660-Mortgage
Immediate assistance call: 954-729-8536
www.stopforeclosureacrossusa.com
www.FHASecuredLoans.com
Please Note: We are not attorneys nor are we credit counselors. The information that we are presenting here is general information and should not be confused with legal advice. If you require legal advise, please consult with your attorney.
